PRNewswire
Mumbai (Maharashtra) [India], January 27: SBI General Insurance, one of India's leading general insurance companies, has delivered a robust financial performance during the first nine months of FY25. The company reported a Profit After Tax (PAT) of INR 504 crore, reflecting an impressive year-on-year growth of 273%. PAT grew by 273% to INR 504 Cr. Growth was driven by Motor, Health, and Engineering line of Businesses.
The company's strong performance is evident across key financial indicators. Its gross written premium (GWP) rose by 10.9%. The gross direct premium (GDP) growth of 10.5% exceeded the industry growth rate of 7.8%. SBI General's solvency ratio remains strong at 2.12 times, well above the regulatory minimum of 1.50, underscoring the company's solid financial foundation.
SBI General Insurance's impressive financial results in 9M FY25 were primarily driven by robust growth across key business segments. The Motor Insurance portfolio achieved an impressive year-on-year growth of 39%, supported by enhanced underwriting strategies and the successful expansion of digital channels for seamless policy issuance and renewals. The Health Insurance segment grew by 12% due to rising healthcare awareness, increased demand for comprehensive coverage, digital adoption, and government policies. The company's loss ratio improved significantly by [?]4% compared to 9M FY24 through better risk management, efficient claims processing, and data-driven strategies. These performance drivers underscore the company's strategic focus on innovation and customer-centric solutions.
Commenting on the Company's performance, Naveen Chandra Jha, MD & CEO, SBI General Insurance, said, "Our strong financial performance in 9M FY25 reflects our steadfast dedication to customer-focused innovation, operational excellence, and sustainable growth. The notable growth across our Motor, Health, and Engineering segments demonstrates our agility in responding to market trends and our commitment to delivering value to policyholders and stakeholders."
Jitendra Attra, CFO, SBI General Insurance, added: "Our consistent financial performance in 9M FY25 underscores disciplined underwriting practices, a collaborative team effort, and a strong focus on operational excellence. The significant increase in profitability and solvency highlights our robust business fundamentals and ability to foresee and adapt to a dynamic market environment."
SBI General Insurance continues to build on its growth trajectory, leveraging a customer-centric approach, strong team collaboration, and a diversified product portfolio, all of which contribute to sustained profitability and a growing market presence.
About SBI General Insurance
SBI General Insurance, one of the fastest-growing private general insurance firms, backed by the robust support of SBI upholds a legacy of trust and security. SBI General Insurance has been recognized as a Great Place To Work® Certified™ in India for the year 2024-2025 period. We position ourselves as India's most trusted general insurer amidst a dynamic landscape. Since our establishment in 2009, our expansion has been substantial, growing from 17 branches in 2011 to a nationwide presence of over 144 branches. In FY 2023-24, SBI General Insurance achieved significant growth, with a notable 17% increase in Gross Written Premium (GWP), reaching INR 12,731 crores.
The company has also received notable accolades including the 'Domestic General Insurer of the Year' - India at the Insurance Asia Awards 2023 in Singapore, recognition as one of the Best Brands 2023 at the ET Edge Best Brands events, and being honored as one of the Best BFSI Brands at the ET Now Best BFSI Brands Conclave 2024. We have also received recognition as the runner-up for Highest Growth - General Insurance at the ASSOCHAM 15th Global Insurance Summit & Awards and were named the winner in the 'Best Large General Insurer' category at the Mint BFSI Summit & Awards 2023.
With a team of 8,000+ employees and our multi-distribution model covering Bancassurance, Agency, Broking, Retail Direct Channels, and Digital collaborations, we are committed to providing both Suraksha and Bharosa to all our consumers. Leveraging a vast network of over 22,518+ SBI branches, agents, financial alliances, OEMs, and digital partners, we extend our services to even the most remote areas of India. Our offerings cater to Retail, Corporate, SME, and Rural segments, and our diverse product portfolio ensures accessibility through both digital and physical channels.
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